Instructions for using mt5 on computers for beginners in the most detailed way at reputable forex brokers. This is software designed by MetaQuote Ltd company like MT4 and it is also one of the effective support tools for you in trading sessions. So, follow the article below to equip yourself with the necessary knowledge before you start trading the forex market.
MT5 software overview.
The first thing is what is MT5? MT5 is a forex software that helps to trade the forex market, CFDs and other assets such as metals, commodities, indices, stocks, cryptocurrencies… in the forex market. MT5 has the role of providing investors with a platform to place buy and sell forex signals and tools to support price analysis, predict market trends.
First released in 2010 but so far, MT5 has become more and more popular and is just behind MT4. If MT4 software is preferred by almost all customer segments, from new traders to experienced traders, MT5 is popularly used only by professional traders, they need to do the following: Forex trading is more advanced, so MT5 software will be a more suitable choice than MT4.
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Some great features of MT5 compared to MT4:
- Increase the number of trading timeframes from 9 to 21.
- More than 80 technical indicators and chart analysis tools, while MT4 only has 50.
- Provide up to 6 types of pending orders (additional buy stop limit and sell stop limit).
- Economic calendar feature built into the software.
- Market depth is represented by a price chart.
- MQL5 programming language helps coders to create custom technical indicators, EAs or scripts that maximize trading.
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Instructions for downloading the MT5 software
To download MT5 software, you need to open a trading account with a forex broker first, of course, this platform must be supported for investors to trade on this platform. Then download the MT5 software and install it on your computer, the MT5 download and installation process is the same as MT4, so you can refer to the article below:
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After having install MT5 on computer, now that you open the software, the MT5 interface will look like shown below:
Log into your forex trading account on MT5
To use mt5 on your computer, you need to login to your MT5 account, choose File, then choose Login to trader account, the login dialog appears as follows:
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You enter your account number, account password and server name (this information is provided when you open a trading account) and then click OK.
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Market observation area
This is the area where all the products you can trade are displayed. The Symbol column is the symbol of forex pairs or products, Bid is the sell price, Ask is the buy price.
When first installed on the machine, the MT5 software will not display all products, but only some products in the area. To view all products, on any forex pair, right click and select the Show all.
In this dialog box, you should pay attention to the following items:
- New order: To place a new order, this section will be guided later.
- market depth: By clicking on this box, a chart will appear showing the market depth of the forex pair.
- Specification: As per the trading condition of the product, by clicking this box, all information like contract size, minimum and maximum order volume, swap rate… of the trading product will be displayed.
- columns: when clicked columns, the screen will appear as follows:
MT5. Area
Here, you choose the parameters you want to display. If you want to exclude any columns, right-click, select Columns again, and click to remove the checkmark.
browser area
- Accounts: where all your MT5 accounts are displayed.
- indicators: You can enter technical indicators here.
- Expert Consultants: inserting automated trading systems into price charts.
- scripts: This tool has the function of supporting faster transactions, saving more time.
See also: How much money does it take to play Forex to invest?
Toolbox area
Let's learn about some important guides in this area.
- exchange: This tab will show all your running orders and information about your trading account.
- Story: Displays the transaction history, including closed buy and sell orders as well as deposit and withdrawal transactions.
- Young: Provide the latest daily economic and political news from the world
- Calendar: Economic calendar. This is a new feature in MT5, which MT4 does not have.
- Codebase, Experts, VPS: Programming services, custom indicators or EAs, VPS services… are directly linked to the MQL5 Community platform (mql5.com), where investors can buy, sell, exchange assets Forex trading support services on the market.
Price chart area
To open a chart of any product, in the Market Watch area, simply click and hold the left mouse button on that product and then drag it to that area of the chart and release the mouse.
In this section, we will learn about the function of buttons on the menu bar and the tools located below the menu bar.
Here, you only need to note the following important contents:
- new chart: To open the price chart for a new product, you can do this in Market Watch as instructed above.
- Open an account: Used to open a new trading account (Live or Demo), you can open it directly here or visit the personal management page to open it.
- Login to trading account: Log into your trading account on the MT5 platform.
- View bar: A button used to show or hide areas and toolbars on the screen.
- languages: Used to select the software language.
- toolbars: Choose to show or disable the toolbars located below the menu bar.
- Strategy Tester: Tool used to test trading strategies. After clicking, select Strategy Tester.
- Insert button: Enter technical indicators.
- Insert drawing tools: To insert drawing tools on the chart, such as the Fibonacci sequence, or draw trend lines…, you can also do it in 2 ways:
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Option 1: enter Insert, choose objects then select any toolbar.
Method 2: Select any tool directly on the frame line studies below the menu bar. Then select the drawing tool, move the mouse to the price chart area and draw.
- market depth: will display the market depth of the forex pair or product on the price chart.
- list of indicators: Displays a list of indicators being used on the price chart.
- objects: Displays or deletes existing drawing tools from the price chart.
- Bar chart, candlesticks, line chart: Select one of 3 types of price charts.
- time periods: To select the time period for the chart.
Conclusion
Through the article above, I have just guided you through how to use mt5 on pcTo use this software most efficiently, you should open a Demo account with any forex broker and practice trading. There are many other tools and resources, so you should take the time to explore them.
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